Economic Growth in Slovakia
Slovakia recorded an average real GDP growth rate of 2.3% in the decade up to 2022, which is above the 1.4% Euro Area average. In 2022, Slovakian real GDP growth was 1.8%. For more GDP information, visit our dedicated page.
Slovakia GDP Chart
Slovakia GDP Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 4.0 | 2.5 | -3.3 | 4.8 | 1.9 |
GDP (USD bn) | 106 | 106 | 107 | 119 | 115 |
GDP (EUR bn) | 89.9 | 94.4 | 93.4 | 100.2 | 109.8 |
Economic Growth (Nominal GDP, ann. var. %) | 6.1 | 5.1 | -1.0 | 7.3 | 9.5 |
GDP accelerates more than expected in Q4
A second national accounts release revealed the Slovak economy rose at a faster rate than initially estimated at the tail-end of 2023, with GDP growing 1.3% on an annual basis. The result was an improvement from both the 1.1% increase tallied in the third quarter and from the preliminary estimate of a 1.2% expansion. On a seasonally adjusted quarter-on-quarter basis, economic growth gained steam, picking up to 0.3% in Q4, compared to the previous quarter's 0.2% growth. Despite Q4’s uptick, the economy lost considerable momentum overall in 2023, expanding 1.1% (2022: 1.8%).
Q4’s year-on-year upturn chiefly reflected accelerating fixed investment growth, which improved to a multi-year high of 15.9% in Q4, above the 2.8% expansion in the prior quarter. Conversely, private consumption fell 2.3% in the fourth quarter, following the third quarter's 1.8% contraction. Cooling price pressures and multi-year high nominal wage growth prevented a steeper contraction in household spending. Moreover, public spending growth slowed to 2.0% in Q4 (Q3: +2.9% yoy). On the external front, exports of goods and services slipped into contraction in the fourth quarter, falling 0.9% on an annual basis and contrasting the third quarter's 0.1% expansion. Meanwhile, imports of goods and services contracted at a sharper rate of 5.6% in Q4 (Q3: -4.0% yoy).
Our Consensus is for the economy to gain further momentum in Q1 2024 and for growth to accelerate significantly in 2024 as a whole from 2023. Receding price pressures, continued nominal wage growth and monetary policy easing should drive a rebound in private spending. This, paired with recovering external demand and stronger public spending growth, will support the economy this year.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Slovak GDP projections for the next ten years from a panel of 23 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Slovak GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Slovak GDP projections.
Want to get access to the full dataset of Slovak GDP forecasts? Send an email to info@focus-economics.com.
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